Date
18 October 2017

Alipay e-wallet to be spun off as independent brand, paper says

Alipay e-wallet, the mobile payment service under Alibaba Group Holding Ltd.’s third-party online payment platform Alipay, will be spun off as an independent brand, Shanghai Securities News reported Thursday, citing Alipay head Fan Zhiming. Alipay e-wallet, which has close to 100 million users, accounts for about one third of Alipay’s total transactions, recording a growth of more than 800 percent from a year earlier, the report said. On Nov. 11, Singles Day, transactions made through the mobile service reached more than 11.3 billion yuan (US$1.86 billion), Fan was quoted as saying.

– Contact HKEJ [email protected]

TL/AC/CG

 

 

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